Hi @Derf. I think you mentioned before you might invest in robo. Here's a few numbers from my experience that might help you. Just to qualify, the robo is about 62% diversified equity, about 22% bonds, 12% cash and 4% in gold.. My self managed moves around a little because I play with stocks. I would say on average it has been maybe 40% equity and the rest in fixed income and cash, mostly cash in form of CDs. Oh, have a little gold there also. So where I'm going with that info is the portfolios are certainly not apples to apples. But here's some #s:
4th Q of 2018, robo -5.5%, self -6.7%
YTD 2019, robo +8.5%, self +7.2% (as of 5/1)
Long term not sure what I will do. You (or I) may be better off, instead of a robo, just using a TRP retirement fund. I believe the 60:40 TRP fund has better results YTD than my robo. Slightly bigger drop in the 4th Q. The cash portion of the robo absolutely weighs on return when markets are moving up. But that's how Shwab makes it's money on the "free" robo.
Good luck to you.

FYI: A decade after target-date funds were damaged during the financial crisis, they have re-emerged bigger than ever as retirement investments. But they still have vulnerabilities.
Regards,
Ted
https://www.wsj.com/articles/what-weve-learned-about-target-date-funds-10-years-later-11557108540?mod=article_inline

Congrats on your coming retirement Art. I'm about there myself, but will probably work part time to ease into retirement.
Over the last 5 years or so I've simplified my self-managed portfolio to about 8 funds that I feel good about. That's 1/2 the pot. The other 1/2 is in a well diversified robo. The 8 self managed funds include equity and fixed income funds. About 20% of that is in 1 balanced fund, PRWCX. I am not a believer in duplicating funds in categories or asset classes but to each their own. I also believe a 1 fund portfolio can be a fine idea coupled with a cash bucket in retirement. That 1 fund would be a target/retirement fund. How simple is that, but I don't think that is what you are looking for.
You, having 7 world/global funds, tells me that you and I have different portfolio building ideas, so I can't offer much help. 1 or 2 of those would be fine in my mind (or none depending on what else you hold). You can't go wrong with TRP (I'd pick PRGSX fwiw), and maybe even holding one of the Grandeur Peek funds might make sense IF they were different enough from TRP.
Good luck to you.

Art, Congratulation on your pending retirement. In general, I like T. Rowe Price funds since many of their managers have long track record and lower fee than the MF industry. The other metric worthwhile to consider is the recovery period after the maximum drawdown (risk consideration) - something you can search for if you are a MFO Premium subscriber. In April's commentary, David Snowball talked about the remake of his portfolio and he now uses a TRP target date to consolidate part of his funds. I consider that is wise move as TRP offers one of the better performing target date funds in that space.
At present I have two balanced funds - TRP Cap Appreciation, PRWCX and Vanguard Wellesley Income, VWINX.

Tend to agree with Ol’Skeet that number of funds doesn’t matter a lot. Getting the number down may well be a sign that you’ve successfully identified the funds that are most aligned with your own personal needs. So I suggest you view a lower number more as a measure of how well you’ve identified the right funds for you rather than a goal in itself.
A few things important to me in adding or culling funds (highly subjective criteria):
- Low fees
- Diversification across fiduciaries (fund houses or other)
- Diversification across asset classes
- Moderate exposure to international markets
- Superior downside protection relative to peers
Absent from my list is performance. Perhaps that’s due to it being so obvious a consideration. In addition, capital preservation becomes more important in retirement - especially later on. I’ve always strived to keep the number under 20, believing that meets my needs and is fairly easy to get my head around. Currently I hold 15 funds across 4 different management houses. In addition, I have one ultra-short bond fund that I treat the same as cash.
RPGAX is one of the 3 balanced funds I own - the only one with significant international exposure. I suspect the choice has as much to do with my preference for T. Rowe Price as with anything else. But RPGAX is a good fund with reasonable fees.

@Art: Congratulations on your pending retirement ! Keep PRGSX sell the rest.
Regards,
Ted

Retirement within 1 year. I want to reduce the number of funds I have. Thought I would see what the collective thinks.
IVWIX or RPGAX. Keep or sell one of these world allocation funds.
ARTGX or PRGSX or FWWFX. Keep or sell which one these world large stock funds.
GGSOX or GPROX?

We’ve currently got about 10% of our total savings in cash right now, the highest in many years. This is due to the relatively high yields of CDs and money markets right now, as well as the low yields for high quality bonds. That, plus we need to make periodic withdrawals in retirement and want to avoid having to sell stocks during potential market downturns.

FYI: Should I hold a cash reserve in retirement? If so, how much? And, if you’re willing to share, do you have a cash reserve as part of your retirement savings?
Sure. Happy to share. But let’s start with some background.
Regards,
Ted
https://www.wsj.com/articles/how-much-cash-should-you-hold-in-retirement-11556805424?mod=md_mf_news

https://news.yahoo.com/7-best-vanguard-funds-retirement-portfolio-173144548.html
7 Best Vanguard Funds for Your Retirement Portfolio
Ellen Chang
Ellen Chang
U.S.News & World ReportApril 30, 2019, 12:31 PM CDT
High-performing Vanguard funds for your 401(k).
Vanguard revolutionized the investing industry with index mutual funds. The company's founder and former CEO, John Bogle, was an avid fan of low expense ratios and passive investing, believing that it democratized investing for individuals, since the majority of active investment managers fail to beat market averages like the S&P 500. Passive investing along with the perception that it yields better returns is gaining in popularity among consumers, says Grant Easterbrook, co-founder of New York-based Dream Forward, which sells 401(k) plans. "Consumers looking for low-cost retirement options ask for Vanguard funds from financial advisors or buy them directly," he says. Here are seven top Vanguard funds for retirement portfolios.

If there’s such a thing as good financial porn that was it. Remember grabbing a copy or so off the supermarket stands in the spring of ‘97 and enjoying them outdoors as it warmed in these parts. Those were transitional years. One year from retirement and had recently let go of my fee-based plan advisor - ill prepared to manage the accumulated assets on my own.
Some other things which helped shape my thinking back than were Andrew Tobias’ The Only Investment Guide You’ll ever Need and a recent book by John Bogle: Bogle On Mutual Funds: New Perspectives for the Intelligent Investor. The WSJ was still pretty good reading. And, of course, Rukeyser’s weekly interviews with the likes of John Templeton / Perter Lynch were influential. Bill Fleckenstein had some good free columns online in those years and helped instill in me a wariness of markets (probably excessive) which still prevails today.

Lots pundits stating no doubt another large recession likely occur 6 to 36 months... We don't really know exactly when
So if you are doing well/near retirement and thinking time to bail out, extremely happy w previous 10+years profit then maybe best time to get out..
I reduced mother portfolio to 30%equities and 70% bonds fixed-income recently

Anyone using this up tick as a reason to take some profit ?

Interesting question. But why are you calling today’s market conditions an

“uptick” ? U.S. equity markets today have barely clawed their way back to where they were 6-12 months ago. “Rebound” or “recovery” might better describe today’s market. @Derf, I share your apprehension. While I don’t have access to the Barrons story, I suspect it’s bearish in sentiment. Problem is: These warnings are becoming like a “broken record”. (For those too young to remember vinyl, “broken record” was a phenomenon characterized by the unstoppable repetition of a few notes or words - over and over again.)
Read virtually any respectable financial publication from Barrons to the MFO Monthly Commentaries over the past 8-10 years and you’ll find warnings about overvaluation, lofty levels, dangerous markets, overbought markets, over exuberance, etc.. Yet, had you heeded those warnings 3, 5 or 8 years ago and moved to ultra-safe investments like cash and limited duration bonds you’d likely have been left standing in the dust along the road as markets marched higher.
Does this make me optimistic going forward? No - not in the least. But something isn’t adding up when you compare the decade old flood of warnings about valuations alongside actual U.S. stock market performance over the same period. One possibility (but only a possibility) for those fixated on indexes is that the 10-year steady march higher since 2009 will eventually be erased by a sudden, rapid, downward spiral in valuations. Let’s hope that doesn’t happen. Should it occur, however, it might make the roughly 18 months slide from late ‘07 to early ‘09 look like a Sunday picnic.*
I don’t get paid to give investment advice here, so offer none. :) I share your concerns and I’ve done what I can to lower overall risk in how my retirement monies are invested - appropriate to age and a 10-20 year time horizon. But there are no guarantees. And, whatever plan / course one decides on, it needs to be tailored to age and circumstances. @Derf, I realize this does nothing to satisfy your concerns. But thanks for the question anyway.
*From its peak in 2007 to its low in 2009, The S&P 500 Index fell roughly 50%.
https://www.frbatlanta.org/cenfis/publications/notesfromthevault/0909

Absolutely super post Hank. One that younger investors should save as a reference.

Anyone using this up tick as a reason to take some profit ?

Interesting question. But why are you calling today’s market conditions an “uptick” ? U.S. equity markets today have barely clawed their way back to where they were 6-12 months ago. “Rebound” or “recovery” might better describe today’s market. @Derf, I share your apprehension. While I don’t have access to the Barrons story, I suspect it’s bearish in sentiment. Problem is: These warnings are becoming like a “broken record”. (For those too young to remember vinyl, “broken record” was a phenomenon characterized by the unstoppable repetition of a few notes or words - over and over again.)
Read virtually any respectable financial publication from Barrons to the MFO Monthly Commentaries over the past 8-10 years and you’ll find warnings about overvaluation, lofty levels, dangerous markets, overbought markets, over exuberance, etc.. Yet, had you heeded those warnings 3, 5 or 8 years ago and moved to ultra-safe investments like cash and limited duration bonds you’d likely have been left standing in the dust along the road as markets marched higher.
Does this make me optimistic going forward? No - not in the least. But something isn’t adding up when you compare the decade old flood of warnings about valuations alongside actual U.S. stock market performance over the same period. One possibility (but only a possibility) for those fixated on indexes is that the 10-year steady march higher since 2009 will eventually be erased by a sudden, rapid, downward spiral in valuations. Let’s hope that doesn’t happen. Should it occur, however, it might make the roughly 18 months slide from late ‘07 to early ‘09 look like a Sunday picnic.*
I don’t get paid to give investment advice here, so offer none. :) I share your concerns and I’ve done what I can to lower overall risk in how my retirement monies are invested - appropriate to age and a 10-20 year time horizon. But there are no guarantees. And, whatever plan / course one decides on, it needs to be tailored to age and circumstances. @Derf, I realize this does nothing to satisfy your concerns. But thanks for the question anyway.
*From its peak in 2007 to its low in 2009, The S&P 500 Index fell roughly 50%.
https://www.frbatlanta.org/cenfis/publications/notesfromthevault/0909

I've cited this Kitces piece before:
Tax-Efficient Spending Strategies From Retirement Portfolios
https://www.kitces.com/blog/tax-efficient-retirement-withdrawal-strategies-to-fund-retirement-spending-needs/

The conventional view is that taxable investment accounts should be liquidated first, while tax-deferred accounts are allowed to continue to compound. ...
However, the optimal approach is actually to preserve the tax-preferenced value of retirement accounts and to fill the tax brackets early on, by funding retirement spending from taxable investment accounts [while doing Roth conversions] ...
... tap investment accounts for retirement cash flows in the early years, [and tap] a combination of taxable IRA and tax-free Roth accounts in the later years

Emphasis in original.

FYI: As an investor, it’s easy to blow it. You could sell too early, buy too late. Bet on a loser or pass over a winner. But often the most damaging mistake has nothing to do with the selection or timing of investments—it is carelessness when it comes to managing a portfolio for taxes. This is particularly important when you’re planning how you’ll take withdrawals for retirement income.
Regards,
Ted
https://www.marketwatch.com/articles/have-multiple-retirement-accounts-use-them-in-this-order-51553425225?mod=barrons-on-marketwatch

https://www.sec.gov/Archives/edgar/data/915802/000139834419007092/fp0041649_497.htm
Vulcan Value Partners Fund
Vulcan Value Partners Small Cap Fund
(the “Funds”)
Supplement dated April 26, 2019
to the Funds’ Prospectus and Statement of Additional Information dated April 23, 2019
Effective as of the date of this supplement, the following changes are being made with respect to the Funds to reflect that the Vulcan Value Partners Fund is no longer closed to new investors.
Prospectus
The first paragraph of the section entitled “Summary Sections – Vulcan Value Partners Fund – Purchase and Sale of Fund Shares” in the prospectus is hereby deleted.
The section entitled “Buying, Exchanging and Redeeming Shares – Buying Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
Statement of Additional Information
The second paragraph of the section entitled “Purchase, Exchange & Redemption of Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Vulcan Value Partners Small Cap Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Vulcan Value Partners Small Cap Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

A real professional job there on that link, Ted. And you call yourself "The Linkster". If you're going to do something, then do it right.
And here's the link.

I've thought about trying out for the Senior PGA Tour in retirement. They make pretty good money too. Biggest thing holding me back is they don't allow beer on the course while playing. That and my 18 handicap. Oh well.

Boo on Fidelity - NO - Boo on Vanderbilt sort of a funny title - " alleged retirement-plan mismanagement by Vanderbilt University,"